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But we saved everything 🙂.
Rory Johnston maintains that crude speculative inflow momentum continues, though activity was not significantly larger over the week. Some short covering was observed, but there was not much new length added.
Johnston also notes anticipation of upcoming CFTC data due in about an hour, expressing a cautious sentiment given the recent rapid price increases. He suggests that the bullish trend would be more convincing if the gains were less driven by speculative activity.
Earlier this month, Johnston noted that Chinese refiners canceled crude oil deals totaling at least 6 million barrels amid concerns around import demand. In a separate update, he reported the U.S. oil rig count increased by seven to 440, citing data from Baker Hughes. These developments come as traders await fresh positioning information and watch speculative flows in the crude market.